Flexible loans benefit self-employed and investment property owners [07/16/2005]

By Ed Harrigan

Are you a self-employed business success? Are you in the market for that special second home youve worked long and hard to afford? Perhaps you are thinking about a condominium that will provide you with a vacation destination and rental income. Good news!Most major mortgage companies offer special mortgage financing programs that require little or no income documentation. These programs are designed to better serve investment property buyers or borrowers who want to buy a property valued above the conforming loan limits ($359,650 in most states). The self-employed and commissioned employee who may not be able to (or who prefers not to) disclose income can also benefit from this home loan option.This flexibility is attractive for many reasons: For home buyers who prefer not to divulge income, these programs do not require the borrower to disclose income, and the company does not verify assets. Whether for personal or rental income use, second homes and investment properties with one-to-four units, costing as much as $6 million dollars, may be eligible for these loan programs. More modest investment property purchases require only a 10 percent down payment. Some of these special programs have no income-to-debt ratios and allow high loan amounts and high cash-out limits on refinancing of single-family residences. These programs apply to conforming and jumbo fixed-rate and one-year treasury loans. Diverse property types are also eligible including one-to-four unit single-family residences, condominiums and in certain locations, leaseholds.In the past, you had to seek out specialty lenders for these types of mortgage financing. You should contact a local mortgage professional who can provide you with all the details of this type of mortgage and to see if it is right for you.Ed Harrigan is a local home loan consultant of Countrywide Home Loans and a resident of the Mount Washington Valley. Countrywide offers a full array of mortgage financing options. Additional information about the company's products and services is also available online at www.edharriganmortgage.com or by calling Ed Harrigan at (603) 356-5827.